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And people wonder why we import so much oil.

Discussion in 'Fred's House of Pancakes' started by Sufferin' Prius Envy, Jul 11, 2008.

  1. Sufferin' Prius Envy

    Sufferin' Prius Envy Platinum Member

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    "A Houston oil company has agreed to shut down its offshore oil production off Santa Barbara County decades early in exchange for approval this year to drill into untapped undersea reserves and cash in on the nation’s record oil prices."
    Oil firm, foes strike major deal - Los Angeles Times

    Tell me. In our age of massive oil imports, HOW does it make economic sense to this country to shut down offshore oil PRODUCTION (!!!! :eek:) decades early (!!!!! :mad:).

    Not only that, the oil company was also forced to pay a huge ransom.

    And people wonder why we import so much oil and gas prices are so high. :rolleyes:
     
    #1 Sufferin' Prius Envy, Jul 11, 2008
  2. patsparks

    patsparks An Aussie perspective

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    Well they weren't FORCED to do anything were they? They made a decision based on projected profits.

    Will the oil they leave behind disappear? I don't think so.
     
    #2 patsparks, Jul 11, 2008
  3. EJFB1029

    EJFB1029 New Member

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    In reading the article, seems like the oil companies gain a big win, and get to drill in more profitable fields, therefore increasing their profit and increasing yield, seems like a win.

    We DON'T have nationalized oil, they do what they want for the almighty dollar, they got the price up to what they want, so they are going after higher yield.

    Let me ask you this, if they were drilling in a high yield field, don't you think they would want to stay there and keep all the giveaway money?
     
    #3 EJFB1029, Jul 11, 2008
  4. EJFB1029

    EJFB1029 New Member

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    Also, more drilling won't lower the price much, so it really doesn't matter, we don't own the oil, and there is a plentiful supply now, the oil companies have hundreds of acres they aren't drilling on, that they have the rights to.
     
    #4 EJFB1029, Jul 11, 2008
  5. Sufferin' Prius Envy

    Sufferin' Prius Envy Platinum Member

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    Are you kidding?

    Yes, they were forced if they wanted to get at any of that oil.

    Why would any oil company prematurely shut down a producing oil well if they weren't forced?

    Do we not need that oil too? :rolleyes:

    Yes, the oil left behind will still be there . . . it will just be inaccessible, like many other areas where access is being denied.

    HOW does that make financial sense to the USA? It may make short term financial sense to that oil company, but for the country as a whole, this is a very bad policy and precedent. :mad:
     
    #5 Sufferin' Prius Envy, Jul 11, 2008
  6. Sufferin' Prius Envy

    Sufferin' Prius Envy Platinum Member

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    Every $150 barrel of oil we produce here in the USA is one $150 barrel of oil we don't have to import ~ irregardless of conservation, alternative energy, etc.

    Arguing that more drilling "won't lower the price much" is disingenuous at best. Even if the price of a barrel of oil were ONLY $100 . . . that is still $100 that stays right here in the USA.

    I don't care nearly as much about the price of a barrel of oil, I care more about the trillions of dollars flowing out of this country for purchasing something we have right here . . . but certain mentalities say "it won't lower the price much."

    NO MATTER THE PRICE, IT IS TOO MUCH IF WE HAVE TO IMPORT MASSIVE AMOUNTS.

    I am also for conservation, alternative energy, etc. etc.

    It just makes me shake my head when people say, "we can't drill our way out of this mess."

    No, we can't.

    Nor can we conserve our way out of this mess.

    Nor can we alternative energy our way out of this mess.

    BUT . . . we COULD 'all of the above' our way out of this mess . . . and much sooner than playing politics by saying, "WE CAN'T________ OUR WAY OUT OF THIS MESS."
     
    #6 Sufferin' Prius Envy, Jul 11, 2008
  7. EJFB1029

    EJFB1029 New Member

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    You are barking up the wrong tree, Bush could easily show the way, BUT he won't. I don't care if we drill or not, doesn't bother me, it would be nice to think the money would stay here, but it won't, don't kid yourself, the oil companies will have no incentive to invest any more then they have to here.

    I'd like to see higher leases and royalties adopted for the new areas that are granted, but I still don't see any drilling, just because YOU want it, the oil companies are NOT Nationalized, we don't decide when they drill or how much they spend. They will sit on the new leases until they have to drill, within 10 years, and at $2 a year, they can wait a bunch of years.

    Why do you think they aren't drilling now on the HUNDRED's of acres they have lease rights to?
     
    #7 EJFB1029, Jul 11, 2008
  8. JSH

    JSH Senior Member

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    We agree an that. We have 3% of oil reserves and use 25% of the world's supply. Our remaining oil is much more valuable as a feedstock for industrial products than as a fuel. Let the rest of the world pump their reserves dry.

    Why? We can easily and inexpensively make our homes energy neutral. Oak Ridge National Labs has teamed up with Habitat for Humanity to make energy neutral homes for $100k. We could start investing heavily in public transportation and rebuilding our cities for pedestrians. When you say can't you mean won't. Life would be different but would go on.

    For example, my wife works 7 miles from our home but can't ride her bike to work because there is no bike lane or even a shoulder. The pavement ends 4 inches to the right of the white line. On a road with a 45 mph speed limit that people drive 50 to 60 mph it is just not safe for bicyclist.

    We better be able to. Oil isn't going to last forever. Since right now we don't have any alternatives that are nearly as energy dense as fossil fuels, we are going to have to have a big dose of conservation just to stay even with today's quality of life.
     
    #8 JSH, Jul 11, 2008
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